However, Michaels says the company will consider redeveloping redundant anchors into new "streetscape," restaurant or entertainment space. Chief executive officer John Bucksbaum adds the company will consider teaming with the anchor store owners, often the retailers themselves, in redevelopment projects.
High occupancy in the company's 174-million-sf retail portfolio is one reason for the strategy, which could create additional space for fast-rising retailers. "The biggest challenge when you're 94% occupied is to find the space for new specialty retailers to accommodate their growth," Michaels says.
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